May 24, 2017 / 12:50 PM / a year ago

Odebrecht sees approval of airport stake sale within 90 days -paper

BRASILIA, May 24 (Reuters) - Engineering conglomerate Odebrecht SA expects aviation regulator Anac to approve the sale of its stake in Brazil’s second busiest international airport to HNA Airport Holding Group Co Ltd within 90 days, newspaper Valor Econômico reported on Wednesday.

Cabinet minister Wellington Moreira Franco said last month the Chinese company, part of HNA Group Co Ltd, had already bought Odebrecht’s stake in the Rio de Janeiro international airport, or RIOGaleão.

Odebrecht and partner Changi Airports International Pte Ltd of Singapore have a combined 51 percent of Galeão, with Brazil’s civil aviation infrastructure authority Infraero holding the remainder.

Press representatives for Odebrecht and HNA did not immediately respond to emails seeking comment.

The transaction is part of Odebrecht’s efforts to dispose of assets as it seeks to stay current on about 76 billion reais of net debt and weather the impact from its involvement in Brazil’s worst corruption scandal.

Odebrecht’s access to credit and new contracts in Brazil and almost a dozen countries has been almost fully shut down due to the scandal. (Reporting by Silvio Cascione; Editing by Jeffrey Benkoe)

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